iRhythm Technologies (NASDAQ:IRTC) Stock Price Down 5.3% on Analyst Downgrade

iRhythm Technologies (NASDAQ:IRTC) shares traded down 5.3% during mid-day trading on Friday after Truist Financial lowered their price target on the stock from $174.00 to $160.00. Truist Financial currently has a buy rating on the stock. iRhythm Technologies traded as low as $108.30 and last traded at $109.24. 313,165 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 609,697 shares. The stock had previously closed at $115.35.

Several other research firms have also commented on IRTC. Canaccord Genuity Group dropped their price target on shares of iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating on the stock in a research report on Monday, June 1st. Bank of America decreased their price objective on shares of iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating for the company in a research report on Monday, May 18th. Wall Street Zen lowered shares of iRhythm Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 30th. The Goldman Sachs Group dropped their target price on iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating on the stock in a research report on Thursday, April 9th. Finally, JPMorgan Chase & Co. cut their price target on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $186.62.

Insider Transactions at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar acquired 5,312 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were bought at an average cost of $10.71 per share, for a total transaction of $56,891.52. Following the acquisition, the director owned 25,611 shares in the company, valued at approximately $274,293.81. This represents a 26.17% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.98% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Measured Wealth Private Client Group LLC purchased a new stake in shares of iRhythm Technologies during the third quarter worth approximately $30,000. GAMMA Investing LLC lifted its holdings in iRhythm Technologies by 48.4% in the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after purchasing an additional 60 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in iRhythm Technologies in the 3rd quarter valued at $34,000. Employees Retirement System of Texas acquired a new stake in iRhythm Technologies during the 3rd quarter worth $36,000. Finally, Torren Management LLC acquired a new stake in iRhythm Technologies during the 4th quarter worth $53,000.

iRhythm Technologies Price Performance

The firm has a market cap of $3.64 billion, a PE ratio of -128.93 and a beta of 1.27. The stock’s fifty day moving average price is $114.28 and its 200-day moving average price is $130.70. The company has a debt-to-equity ratio of 4.03, a current ratio of 5.17 and a quick ratio of 4.98.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, April 30th. The company reported ($0.35) EPS for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.21. The business had revenue of $199.39 million during the quarter, compared to analysts’ expectations of $194.11 million. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. The company’s quarterly revenue was up 25.6% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.97) earnings per share. As a group, equities analysts expect that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

About iRhythm Technologies

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.